Excerpt from The Price Situation: January, 1937

Recent changes in market prices of farm commodities indicate that the general level of prices received by farmers made a substantial rise from mid December to mid-january. Advances occurred in prices of hogs, cattle, lambs, wheat, corn, oats, rice, butter, wool, and potatoes, With marked declines occurring only in the prices of poultry and eggs.

World wheat prices continued to advance during December as a result of heavy purchases by European countries in order to build up stocks. Wheat prices in domestic markets advanced about the same as world prices. Strength in wheat prices during the next month will continue to depend largely on the aggressiveness of European buying. With the relatively close adjustment this season between world supplies and consumption, the newly harvested wheat crop from Argentina and Australia may be absorbed Without becoming much of a price depressing factor. The advances in feed grain prices since late October are largely explained by the comparatively rapid rate of disappearance of feed grains, a substantial increase in livestock prices, and an upward movement in wheat and rye prices. In View of small January 1 stocks of feed grains and a favorable outlook for livestock prices, feed grain prices are expected to re nnin at about the current high level during the next month or so. The down ward movement ih rice prices which started in the summer months continued to the end of 1936. Increased production in California and the Southern States was largely responsible for declining prices. In the first week of January prices of southern rice advanced materially, and there are some indications that the low point for the 1956-57 marketing year may have been passed.

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